Samruk-Energy says Fitch Ratings upgraded and affirmed series of the company's ratings

30.06.20, 14:48
/KASE, June 30, 2020/ – Samruk-Energy (Nur-Sultan), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release of June 30, 2020: quote Fitch Ratings affirmed Samruk-Energy's long-term foreign and local currency credit rating at "BB", and also increased Samruk-Energy's creditworthiness on a stand- alone basis from "B" to "B+" and the rating of unsecured loans from "BB-" to "BB". The outlook is "Stable". Improving the creditworthiness on a stand-alone basis is associated with a stronger financial profile due to improved credit indicators and a decrease in the Company's currency risks. The increase in the priority unsecured ratings of the Company is associated with less structural subordination for unsecured creditors. The ratings were affirmed due to the fact that the Company significantly reduced its exposure to currency fluctuations after refinancing a loan in US dollars at the Moinak HPP in local currency at the holding level, as well as converting the USD-loan into the local currency. At the end of 2019, foreign currency debt amounted to only 2%, compared to 60% in 2016. Thus, as the Agency notes, the Group increased its financial flexibility and ability to withstand currency shocks. unquote The complete press release is available on KASE website: - – in Kazakh; - – in Russian. [2020-06-30]